Why do Most Business Ideas Fail and How to Prevent Them From Failing?

People around you are mostly full of ideas. Some of them even like to blurt some whenever there is a chance. Pretty often, a friend of mine comes up with new viable business ideas, but seldom does the course looks good to drag it to the market. Well, not exactly drag it, should have said ‘bring it’.

Well, apparently I walked him to his testing room where he gave me some samples of a dessert he had prepared. It was good, had potential, only if the packaging and marketing of the same wasn’t too challenging. Soon he trashed the idea and that’s where he failed.

Well, that’s the story. That is how many innovators goof up. People give up soon thinking it might not work, or might require a great deal of effort to get it up and working. It is disappointing to have the sudden idea rush, only to drop it into the bin. Usually, there are some essentials for invention and product development. Here are those:

You need passion to invent

When you have the passion to think new, you can develop something that could be a blessing for the world. Blend passion with enthusiasm to let others know of the worthiness of the idea, and of course to convince yourself.

Again, thinking of an idea is much easier than actually churning out a course of action. You got to put in a hard day at work before your market and potential customers realize that this is what they’ve been looking for.

Put up Questions

Ideas when discovered do serve some purpose, but may have loopholes to be looked upon. You may at a later stage, find out that it’s not working out the way you thought it would. It happens !

For example – I once decided to start up a venture in partnership with 3 others. Before we really got into it, we pondered over all the negatives and challenges that may occur at some point, like disputes, money matters, and other mumbo-jumbo.

This could be frustrating for someone who just wants to enjoy the idea and not look at possible issues. But, it’s annoying for me not to list such issues in advance to lessen the amount of risk and uneasiness later.

A/B Testing

Many a times when you think that the idea is nearly on the track, you notice that it may still require another round of touch up. This is when you actually could run a survey and ask for opinions. Trial and run could work nicely. For example – run a survey asking how this product ‘Abc’ could help you. Ask if they would need it at all or do without it too.

Once done, launch your idea and observe the reaction of the consumers to pick out the shortcomings and again put together a better one.

No Foolproof

When you develop and launch a product, keep in mind that it’s not Foolproof. There isn’t one way to fix the product. Lot of tweaks can turn your product into a much better one. You should start with the basics, as in step by step. Launch your idea in versions; let the audience play with it for sometime and offer valuable feedback.

It’s evident that you might have to face negative feedback, but that shouldn’t invalidate your morale or idea, instead should strenghten the preposition and encourage you in that manner.

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